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News/The Shaking Ground Beneath PEPE: From Price Drops to Whale Purchases

The Shaking Ground Beneath PEPE: From Price Drops to Whale Purchases

Aug 26 2023

6 months ago2 minutes read
A frog robot looking at graphs and charts tracking the ups and downs of PEPE Coin

PEPE Coin: A Riddle Wrapped in a Market Mystery

Written by Van

In the unpredictable world of cryptocurrencies, PEPE coin's recent saga serves as a loud reminder of the volatility and uncertainty that often accompany these digital assets' journey. 


The PEPE Shockwaves: What Led to the Sudden Price Dip?

PEPE Coin observed a sharp 18% cull in its crypto price within 24 hours, marking a prominent disturbance in the market. Its market capitalization experienced a significant contraction of $100 million, witnessing a downward shift from $444.4 million to a critical low of $344.7 million. The ongoing volatility of this situation is apparent from PEPE's last observed market cap, which settled at $348 million.

chart.webp


The Blue Whale Moves: Massive PEPE Transfers to Exchanges

Four leading cryptocurrency exchanges, BinanceOKX, KuCoin, and Bybit, responded to an unusual influx of PEPE coins. A staggering 16.045 trillion PEPE coins, comprehensively valued at approximately $16.85 million, transitioned into these exchanges.

The distribution of the transfers was as follows: OKX registered an influx of $8.3 million, Binance saw a transfer of $6.6 million, Bybit received $440,000, while $400,000 found its way to an unidentified wallet.

Safe Global.webp
Source: Safe Global

Notably, this was the inaugural instance of PEPE tokens being shipped out from the project's multisig wallet directly to exchanges, signaling a significant development.


Modifications in Multisig Wallet Security

The security details of the multisig wallet underwent modifications. Signatures indispensable to validate transactions were curtailed from a majority of 5 from 8 to a mere 2 from 8. This shift, observed on August 24 at 08:37 PM with respect to coordinated universal time (UTC), was interpreted as a severe security downgrade. 

The wallet, despite these alterations, preserves PEPE worth over $10 million, intensifying existing apprehensions. Furthermore, developers retain 6% of the total token supply. These actions suggestive of potential risks have resulted in uncertainty and volatility in the PEPE coin market.

ASXN tweet.webp
Source: ASXN/ X

Investor Unrest: Community Reaction and Rug-Pull Worries

Unplanned transfers coupled with abrupt security modifications sparked suspicions within the community about a possible "rug pull" scenario plotted by the developers. The Pepe Coin's team's glaring silence and an evident communication vacuum on social platforms set off alarm bells, catalyzing knee-jerk selling reactions. 

Alarmed by the transactions' unexpected and cryptic nature, crypto gurus and community enthusiasts voiced their anxieties.

MoonOverlord tweet.webp
Source: MoonOverlord/ X

Capitalizing on the Dip: Whale Movement amidst PEPE's Decline

In a striking turn of events, a cryptocurrency heavyweight, often referred to as a "whale," seized the opportunity reflected in PEPE's dipping prices on cryptocurrency charts. An astoundingly massive purchase was made — an estimated 640 billion PEPE tokens were snapped up for a price totaling 320 Ethereum (ETH), equivalent to a hefty sum of approximately $529,000. 

Such significant activity by this whale isn't an isolated event; indeed, it follows a pattern. The same entity had also acquired sizeable amounts of PEPE during May and June in a spree that amounted to a cumulative expenditure of 533 ETH.

Amidst this whale-driven market activity, the tumultuous crypto coin prices of PEPE saw a semblance of stability. As of penning this piece, PEPE's trading price rests at a steady $0.00000088.

Lookonchain tweet.webp
Source: Lookonchain/ X

Founder of PEPE Coin Allegedly Identified

Jeremy Cahen, founder of Not Larva Labs, recently revealed Zachary Testa as the reported founder of the PEPE meme coin. Testa's links with reputable cryptocurrency exchanges such as Binance are purportedly affirmed, further corroborating his involvement in the mysterious PEPE project.

In a Twitter post, Cahen pulled back the curtain on the alleged mastermind behind the volatile PEPE coin:

Jeremy Cahen tweet 1.webp
Source: Jeremy Cahen/ X

Testa's lavish lifestyle, notably signified by his $865,000 purple Lamborghini purchased with PEPE earnings, has caused a stir in the crypto community. Adding fuel to the fire, Cahen pointed out that whilst indulging in such luxury, Testa reportedly failed to share profits with Matt Furie, the actual creator of the PEPE the Frog meme.

Jeremy Cahen tweet 2.webp
Source: Jeremy Cahen/ X

The lenses of critique have now focused on Testa and his team's ethics, leaving audiences awaiting their response to the allegations. The drama continues to add an intriguing layer of complexity to the PEPE coin story, as stakeholders grapple with the unexpected accusations while tracking the fluctuating trajectory of the coin.


Concrete Developments and Fledgling Metrics

Triggering shockwaves of disbelief and indignation, three former team members allegedly pilfered approximately $16 million worth of PEPE tokens. This reprehensible act catalyzed a chilling 15% plummet in PEPE Coin's price yesterday. 

The stolen tokens actualized a numerical equivalence of 16 trillion, a stark 60% of the 26 trillion tokens in the multi-signature wallet. The remaining 10 trillion tokens, currently secured in the custody of the only residual team member, are purportedly in "safe hands."

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Source: Pepe/ X

Response and Repercussions

Adding more shadows to this enigmatic event, the renegade team members extracted their digital fingerprints from the multisig wallet and disengaged their social media presence. The solitary team member — loyal to the project — unveiled plans to migrate the residual 10 trillion tokens to a secure new, undisclosed wallet.

The intricate developments and subsequent actions precipitated a mixed bag of reactions within the devoted PEPE community. While some factions of faithful lent unequivocal support to the official narrative of events, others harbored skepticism and questioned the veracity of issued statements. 

In a surprising twist, however, PEPE made an impressive recovery by gaining more than 11% after the transparent clarification from its remaining founder.


Allegations and Contradictions

Dark clouds of internal discord and unresolved conflicts, hovering over the team’s dynamics, were alleged to have stifled the project’s progress. Adding fuel to the fire of controversy, an external market analyst disputed the validity of the official statement. 

This discrepancy lies in the claim regarding the reduction of the number of wallets given signing authority, which the external analyst attests have not been trimmed down to a single one.

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Source: CryptoNoddy/ X

Community Fortitude and Prospective Projections

Keeping heart and hopes alive, the last man standing from the PEPE team offered reassurances to the fervent community. The project, he stated firmly, was now purged of the detrimental influence of "bad actors." As a move towards structural adaptability and decentralization, plans to formulate new official Telegram groups were announced.

To bolster future stability and drive the project forward, the team is reportedly in dialogue with prominent figures within the crypto galaxy for potential guidance and mentorship. 

The resilience and steadfast spirit demonstrated by the PEPE project and its community underscore an illuminating takeaway — even in the throes of volatility and uncertainty, fortitude and integrity can witness a rebound.

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Source: Pepe/ X

Frequently Asked Questions

1. Why did PEPE coin's price suddenly drop?

The price fell by 18% due to a combination of large transfers of the coin to exchanges and changes to the multisig wallet's security.

2. Which exchanges did the PEPE transfers go to?

Significant volumes of PEPE were transferred to Binance, OKX, KuCoin, and Bybit. 

3. What changes were made to the multisig wallet's security?

The required signatures for transactions dropped from 5 out of 8 to 2 out of 8, signalling a potential decrease in security.

4. Were there fears of a 'rug pull' following these changes?

Yes, the abrupt transfers and security changes, coupled with no clear communication from the PEPE coin team, fueled fears of a possible 'rug pull.'

5. Who was the large buyer during the PEPE price drop?

A whale active in the cryptocurrency market took advantage of the dip, buying 640 billion PEPE coins, indicating possible confidence in the coin's future.


Final Thoughts

In conclusion, PEPE coin's recent market fluctuations, including a considerable price plunge, massive crypto transfers and questionable security changes, served as a stark reminder of cryptocurrencies' intrinsic volatility and unpredictability. 

With the increased activity of a crypto whale, the silence of the PEPE team, and speculations of a potential rug pull still looming large, the saga of this coin continues to unfold. Crypto enthusiasts and investors alike will be closely observing the trajectory of PEPE coin and the ripples it sends through the cryptocurrency market.

This article has been refined and enhanced by ChatGPT.

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